Final Reflection

The thing I will remember most is the elevator pitch. During the time, I absolutely hated those assignments. Looking back on it now, it helped my speaking and presenting so much. It honestly made it harder that it was recorded rather than in person. Since it was recorded, my standards for myself were much higher which took a lot longer.

I definitely think I have an entrepreneurial mindset. This class taught me to look at everything from several different angles and work with all the information I receive. I now know not only how to act like an entrepreneur, but how to think and be one.

I would recommend to the future students to really take this class for you. It is so much more enjoyable and you learn so much more when you actually use the material to help you rather than viewing it as an easy A class.

Venture Concept No. 2

Opportunity

I have discovered an opportunity in the field of small business and the way they market themselves.

The opportunity is the lack of social media marketing consultants for businesses. Small business

owners who do not have enough time on their hands are examples of potential customers. I am

targeting local businesses in Brevard County, Florida. Many business owners know the importance

of marketing for the sake of their business, but they do not know enough about it to do it on their own

successfully. Being a consultant would offer an individualized approach which is valuable to the

consumer. The online world is growing at an extremely rapid pace and more and more people are

using it every day. This factor is making what I offer even more important to customers. Currently,

businesses do one of two things. They either do their own marketing themselves, or they hire a firm

to do it all for them. I am offering something different in the sense that I will offer to do things that

make sense only for their specific business. I believe this window of opportunity will be open for a

very long time. Like I said before, the internet and more specifically social media, is continuously

growing and changing. 

Innovation

My social media consulting services are innovative in the sense that it is new and creative. I believe

my service is incrementally innovative because there are others who offer similar services, I am just

taking it a step beyond the others. When I receive a new client, I would go in and have a kick-off

meeting with each business owner individually. I would look at where their business is now and

where they’d like to see it go in the future. Based on what I learn from them and my previous

knowledge and experience, I would formulate a plan with specific marketing techniques that are for

their business only. I would also be sure to discover how a business has marketed themselves in the

past and what did or did not work. A big part of what I do depends on what type of business I am

working for. Since I focus mostly on social media, I would prioritize businesses models that would

correspond appropriately with social media platforms. Like other firms I would have base packages

and each client would fit into a category then add on additional services. For example, I would offer a

package that includes creating a social media presence for a business on three platforms of their

choice with 1 post a day on each platform. I would also offer social media marketing courses for

those business owners who believe they could do it themselves but need to learn how to first. This is

innovative because I am offering a creative method to solve customers’ needs.

Venture Concept

The concept that I have designed will solve customer’s needs because most business owners do not

have the available knowledge and advice from others to know how to properly market their

business. By providing social media consulting services, my customers won’t have to waste time and

money using marketing methods that do not work. Other people do not offer these types of services

so this is why customers would choose me. Customers would have to switch from their old ways of

marketing. It might be difficult to get them to switch because most people have never used a service

like this before. Some people might hesitate because of the fear of the unknown. I would be sure to

create a positive and reliable image of myself to potential customers. I would start my business off

by working alone and seeing how much it expands before I hire other people. Once I reach that

point, I would hire other consultants who have a lot of experience and knowledge in the field of

marketing and social media. 

2) I received a lot of positive feedback. I was able to expand my original ideas and I dug a little bit

deeper into ideas in this assignment. People told me that they liked how I was able to identify

my opportunities around me and my area. The feedback really helped me see what others see

in my own work.

3) Like I said before, the only thing I really changed was adding some elaboration. I expanded on

my previous ideas and made them more specific. I gave more in depth descriptions about my

opportunities and how I would use innovation to create my venture concept.

4)

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?

I would hope to continue to work hard on my business and keep working until I am ready to retire. I plan on staying with it for a very long time, then when the time comes for me when I am done I will either sell the business or pass it on to a trusty coworker or family member. If I choose to pass the business on to someone, I would want to make sure they share the same vision and values as I do so that they can keep making the business succeed.

2) Why have you selected this particular exit strategy?

I have selected this because I am very passionate about this field and I see it growing in many different ways. I want to be there to expand it as much as I can in my life, then when I am done with it, I will let a new leader take charge if it.

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 have identified many new opportunities because I want to be the one to take control of this business for the next several decades. I plan to grow in numerous ways and that is because I will be the one making the major decisions. 

Reading Reflection 3

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

1) The theme of this book was how to effectively use social media and how it will benefit you. The author walked you through the steps of saving time, effort and money. He focused on building a solid foundation for you social presence along with how to optimize the platforms to attract more people using different tools.

2) This corresponds with what we are learning in class because it's all about making a consistent message for yourself and your business. The first lesson that Guy focused on was how you should treat social media like you treat your business, in a professional manner. Everything you do online can be traced back to you as a person and as a professional. Entrepreneurship is about utilizing the resources around you, and social media is one of the most important resources today!

3) An exercise would involve creating a fake social media profile from scratch using all the techniques that Guy describes. Rather than optimizing what you already have, starting from scratch can give you a new look at it. Learning how to properly do this is the first step in self-branding yourself on social media.

4) My biggest aha moment was when Guy talked about creating content that your followers want to see, not what you want to express. He said "some people use their Facebook like it's a megaphone for their opinions." This made me realize that this approach is completely wrong. In order to create a positive image, you need to provide content that benefits your followers. Whether that be educating them, updating them, or even humoring them, always have a purpose.

Celebrating Failure

1) This semester, I have experienced what I would consider failure. In my other two classes that I took this semester, I did bad on every proctored exam that I had. I didn't technically "fail" but it was a failure in my eyes. I felt confident in the material that was being covered and I guess the combination of the exams being harder than class work and the fact that I couldn't use notes really made a difference. The worst part about this was that I truly did study and did try hard. It was frustrating because I was hoping for my grades to reflect the hard work I put in.

2) I learned that failures should motivate you more. Looking back on it now, I have learned that even if I studied and think I understand, extra work can never hurt. This acted like a wake up call and I'm glad I learned it during my first semester at UF to hopefully prevent in from happening in the future with other classes.

3) Failure is a very interesting concept to me. My entire life, I was always the type of person who never needed to be disciplined. That's because I always knew when I did something wrong and made sure that I wouldn't do it again or would improve on it in the future. Nobody ever needed to tell me, because I already knew. It's been hard for me to not get too caught up in when I fail. I am slowly learning how to take it as a lesson and move on from it.

What's Next?

Existing Market
1.) I believe my next steps are to create an online version of social media consulting to offer my services to people no matter where they are located.

2.) My interviews consisted of people telling me to use my connections and the internet to my advantage. They said that utilizing these tools will help me reach more customers and since my service is so different than what others offer, more people will be interested. Customers might want a way to be a part of their marketing strategy. For example, giving them a way to post on certain platforms at certain times rather than me doing everything for them.

3.) Growing my existing market would involve offering a variety of ways to deliver my services. This could be offering additional packages to what each consumer wants or even using online services to reach new people and offer new ways of online marketing. I would like to expand from just social media marketing to digital marketing as a whole. This would include purchasing advertising spaces on websites, search engine optimization, graphic design, email marketing and more. This would require hiring specialists in those areas to successfully expand. I would be sure to hire people that I trust and share the same vision and goals as me.

New Market
1.) A different target audience would be consumers rather than businesses. I am offering my services to business owners currently.

2.) I could expand my business and help people grow their own personal presence on social media. This is actually a really good idea because there are a lot people out there striving to be "social media influencers." I didn't realize this opportunity until now, but it is definitely something to consider.

3.) The people I interviewed actually loved my idea. They are very into social media and they know about how popular influencers are becoming and how this is definitely an opportunity I should take advantage of.

4.) Surprisingly, this new market could be even more profitable than my existing one. So many people want to be influencers nowadays because who doesn't want to get paid to post on social media and travel the world? I could help people build personal connections and get them sponsorships and more publicity. On the other hand, I could also offer services to established influencers and help them create content for certain sponsors or campaigns that they are a part of.

Venture Concepts

Opportunity

I have discovered an opportunity in the field of small business and the way they market themselves.

The opportunity is the lack of social media marketing consultants for businesses. Small business

owners who do not have enough time on their hands are examples of potential customers. I am

targeting local businesses in Brevard County, Florida. Many business owners know the importance

of marketing for the sake of their business, but they do not know enough about it to do it on their own

successfully. Being a consultant would offer an individualized approach which is valuable to the

consumer. The online world is growing at an extremely rapid pace and more and more people are

using it every day. This factor is making what I offer even more important to customers. Currently,

businesses do one of two things. They either do their own marketing themselves, or they hire a firm

to do it all for them. I am offering something different in the sense that I will offer to do things that

make sense only for their specific business. I believe this window of opportunity will be open for a

very long time. Like I said before, the internet and more specifically social media, is continuously

growing and changing. 

Innovation

My social media consulting services are innovative in the sense that it is new and creative. I believe

my service is incrementally innovative because there are others who offer similar services, I am just

taking it a step beyond the others. When I receive a new client, I would go in and have a kick-off

meeting with each business owner individually. I would look at where their business is now and

where they’d like to see it go in the future. Based on what I learn from them and my previous

knowledge and experience, I would formulate a plan with specific marketing techniques that are for

their business only. I would also be sure to discover how a business has marketed themselves in the

past and what did or did not work. A big part of what I do depends on what type of business I am

working for. Since I focus mostly on social media, I would prioritize businesses models that would

correspond appropriately with social media platforms. Like other firms I would have base packages

and each client would fit into a category then add on additional services. For example, I would offer a

package that includes creating a social media presence for a business on three platforms of their

choice with 1 post a day on each platform. I would also offer social media marketing courses for

those business owners who believe they could do it themselves but need to learn how to first. This is

innovative because I am offering a creative method to solve customers’ needs.

Venture Concept

The concept that I have designed will solve customer’s needs because most business owners do not

have the available knowledge and advice from others to know how to properly market their

business. By providing social media consulting services, my customers won’t have to waste time and

money using marketing methods that do not work. Other people do not offer these types of services

so this is why customers would choose me. Customers would have to switch from their old ways of

marketing. It might be difficult to get them to switch because most people have never used a service

like this before. Some people might hesitate because of the fear of the unknown. I would be sure to

create a positive and reliable image of myself to potential customers. I would start my business off

by working alone and seeing how much it expands before I hire other people. Once I reach that

point, I would hire other consultants who have a lot of experience and knowledge in the field of

marketing and social media. 

The most important element of my business is the individualized approach I will offer. It is valuable,

rare, and not easy to imitate or substitute. 

I would like to expand by creating online social media marketing courses that I could sell. I would

only have to create it once and I would be able to keep making money off of it. 

I would hope to have a group of at least 10 trustworthy employees who are reliable and able to

expand my business to its greatest possible potential.

Your Venture's Unfair Advantage

1.) Experience and knowledge of social media marketing

• V- very valuable, very important resource in modern day world.
• R- not many people focus solely on social media
• I- easy to imitate, easy to learn about this
• N-it could be substitutable if people learned about this field.

2.) Individualized approach

• V-extremely valuable
• R-rare, most don't focus on the individual
• I-somewhat easy to imitate
• N- I will have a different approach than others no it can't be substituted.

3.) Reliability

• V-very valuable
• R- somewhat rare
• I- easy for people to say they're reliable, not always true
• N- not substitutable

4.) Connections and personal network

• V- valuable
• R- not rare, everyone has connections in one way or another
• I- can imitate
• N- is substitutable

5.) Personal determination

• V- valuable, impacts results
• R- rare
• I- can pretend to imitate
• N- can be substituted

6.) Vision

• V- very valuable
• R- rare compared to others
• I- can't be imitated
• N- can't be substituted

7.) Doesn't need startup capital

• V-valuable because it saves money in the long run
• R- somewhat rare
• I- not something that you can imitate
• N- others could substitute

8.) Software used to create content

• V- quite valuable
• R- not rare, others use it
• I- can be imitated
• N- can be substituted by others

9.) The quality of my business

• V-very valuable
• R- somewhat rare
• I- others can imitate in a different way
• N- could be substituted by a different business

10.) Financial stability

• V-valuable, will help solve problems in the future
• R-somewhat rare
• I- can't be imitated
• N- others can substitute

I believe my top resource is the individualized approach I will offer. Others can try to imitate this resource but not everyone will be successful. It is also extremely valuable which will make a difference. 

Elevator Pitch 3

https://www.youtube.com/watch?v=ygcWutzeL_c

I really think the third time was the charm! I am honestly getting so used to giving this pitch that I didn't even need to think about it! The first time I filmed it, it took me about 10-15 takes to finally get one that was good enough. This time, I sat down and did it in one shot! It surprised me that I was able to make it through this so easily without having to practice it!

I didn't really receive much feedback from my last pitch. Everyone told me that my second draft was much better than my first. I realized I could still improve it. I wanted to feel much more comfortable with talking in front of the camera, and it worked!

Reading Reflection #2

How to Fail at Almost Everything and Still Win Big by Scott Adams

1) What was the general theme or argument of the book?

The author focused on how failure is what really guides you to success. I also feel like a major point was about how there is no standardized form of achieving success. Everyone goes down their own path and it's expected that you will mess up. However, mistakes aren't something to be ashamed of, they are something to learn from. 

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

The biggest correlation between this book and this class is that everyone's journey is different and there is not a right or wrong way to achieve success. Both of these focus on doing things that are the most beneficial to you or your situation, rather than following what everyone else tells you to do. 

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

My exercise would to follow what the author suggested about finding a less stressful path. I often overwork myself and think that harder is always better. And I have found that not to be true. My exercise will be trying to find simpler ways to accomplish tasks while still achieving excellence. 

4) 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 is when the author talked about finding your energy rather than finding your passion. Finding the right energy will allow you to be great at what you do while also enjoying your life along the way! There were several "aha" moments in this book, this one was just my favorite!

Growing Social Capital

1) Who they are and what their background is.

Chris DeLarue, CEO and founder of the AD Leaf Marketing firm in Melbourne, FL. 

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-he runs a full service marketing firm which is mostly related to my business idea.

3) A description of how you found the person and contacted the person.

I completed an internship at this marketing firm last fall so I simply reached out to him to ask him some questions.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

The favor was taking my phone call and being willing to give me feedback.

5) How will including this person in your network enhance your ability to exploit an opportunity?

It will help me tremendously because he was in my shoes at one point and understands what I am going through.

1) Who they are and what their background is.

Joanie Heissenbuttel, entrepreneur in Melbourne who has worked with small businesses.  

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 because she has had the experience of selling to the same market that I am targeting.

3) A description of how you found the person and contacted the person.

Friend of a friend that I have heard about from many resources, so I decided to contact her.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

It was a very friendly encounter, so I don't think she expects much in return from me.

5) How will including this person in your network enhance your ability to exploit an opportunity?

This will help me learn about my market and how to work with them and sell to them.

1) Who they are and what their background is.

Brad Meyers, owner of several businesses in my area.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier because he is an expert at social media and using digital technologies for business. 

3) A description of how you found the person and contacted the person.

I am helping some friends start up a business and he is the one who has been helping them with these types of things. 

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

He taught me a lot about the field I am entering and how to really use the technology I am planning on specializing in.

5) How will including this person in your network enhance your ability to exploit an opportunity?

He has many connections to other supply and market experts, so it could give me the opportunity later on to meet important people. 

This experience gave me a wide variety of knowledge because I communicated with a wide variety of people. They all specialized in different things and were giving me advices about different areas of work. I have never participated in any networking events, but it seems to me that they teach you a lot and introduce you to some very important people!

Idea Napkin 2

1) I am a student at the University of Florida majoring in Business Administration. I have a particular interest in digital marketing. I have a lot of experience in social media marketing from freelance projects of my own, an internship, and it is now what I do for part time work. The business I am planning on starting would fit perfectly into my life especially since it is something I am very passionate about.

2) I am offering small business owners a way to easily and effectively market their company on social media. I will offer consulting services which provides for an individualized approach. I will look at each business individually and decide what would work best for them.

3) I am offering my services to small business owners in Melbourne, Florida. The target market would include those who are looking to expand their business and are looking into new marketing strategies.

4) Social media marketing not only helps to increase sales, but it allows for great brand recognition and brand loyalty. Customers have short attention spans so having them see a business's name and what they offer will help that business prosper. This is very valuable and is why people would be interested in my services.

5) I offer differentiation between each business that I am working for. I base this off the fact that you can't market a water treatment facility the same way you market a local coffee shop. Nobody else offers the services of tailoring a marketing approach to each customer specifically.

I believe all of these points fit together and that is why my idea could potentially be successful. I would look more into how all my customers are related besides the fact that they all own businesses in Brevard County. This idea napkin helped show me how all of these factors are related and if one part doesn't work properly, then none of it will.

I didn't receive much feedback from my first post, but I had more ideas on this assignment since the last time I did it. Since then, I have completed many other assignments which unlocked a new way for me to think about my business!

Create a Custom Avatar

My customers are those who own small, local businesses near me. There are an abundance of small shops or boutiques so I will focus on the owners of these small businesses.
Qualities about my customer avatar:

• Mid-to-late woman in her 30s
• Sells maybe jewelry, clothes, and some knick knacks
• Previously was a stay at home mom
• Overall very happy, decided to start up a business to make extra money and a way to spend her free time
• Has 2 young children
• Her husband makes the money in the house
• Drives an SUV 
• Spends her free time attending her children's sports games and getting drinks with the girls
• Is up to date on all the latest trends
• Watches The Bachelor

I see similarities between me and my avatar because I could see myself having a life like this when I reach that age. I think I created this business idea for people like her because I see myself becoming this when I am older.

Elevator Pitch 2

1) https://www.youtube.com/watch?v=q7TGT3tS3P4
2) The most important thing I learned was to treat presentations like this as a conversation. If you just read off a script, nobody will feel a personal connection from it. It was much easier to film this pitch when I was thinking of it in the way that I was explaining my idea to someone rather than giving a rehearsed presentation.
3) I tried to change my tone of voice and tried to not talk as fast. I changed the order or some of my topics in a way I feel make more sense. I was a lot less stressed and this time around, I filmed it on my first try! There was definitely improvement from the first post to this one I believe.

What's Your Secret Sauce?

Part 1:

• I am extremely dedicated to whatever I do.
• I am very good at managing my time.
• I grew up with a mother as a teacher so I have learned how to teach others.
• I am able to look at any argument or disagreement from both sides.
• I am very observant of my surroundings and who I surround myself with.

Part 2:

Interview #1

Alyssa believes that I am very mature and good at managing my time.

https://soundcloud.com/user-817030921/alyssa 

Interview #2

Reagan knew me in high school and explains how my experiences have shaped who I am today.

https://soundcloud.com/user-817030921/maria

Interview #3

Monica said that I perform well under pressure and am able to keep up with school work successfully.

https://soundcloud.com/user-817030921/monica

Interview #4

Michael said that I am talented and hardworking with everything that I do.

https://soundcloud.com/user-817030921/michael

Interview #5 

Karen says I work very well with children and am a great teacher especially with children.

https://soundcloud.com/user-817030921/karen

Reflection:

Overall, others see more qualities about me than I've ever been able to recognize. It is so interesting to me how others have different perceptions of me based on what parts of my life they are in. It was very uplifting to hear all these nice things people I know had to say about me!

Figuring Out Buyer Behavior #2

Interview #1
I interviewed an owner of a local breakfast restaurant. I know that he already has a marketing team that controls his social media, and I wanted to get the inside scoop of the process he goes through. This client knows exactly what he wants and so his main requirement is that the service he hires can get the job done in the most effective way possible. By effective, he means getting the work done as quickly and accurately as possible. Since his business is very popular and is rapidly growing, he doesn't worry too much about cost. He actually told me that sometimes paying a higher price reflects getting higher quality service. This business owner was great to talk to and he was very straightforward with how he solves his need for this type of service.

Interview #2
I interviewed someone who is in the process of starting up a business. Since she is in the startup process, money is very tight. She is trying to find someone to help gain traction for her business at the cheapest price possible. She told me that if prices were equivalent, she would then go in and look at the portfolio of these marketers to see which work she likes better. It was interesting to heat this from a business owner's perspective since she really wasn't caring what they would do, she only cared about having the service at a low cost.

Interview #3
I interviewed a friend's family member who recently retired from co-owning a small business. He was in charge of making decisions such as hiring a marketing team, so I knew he would be a great person to talk to. He told me that over the years, he had gone through this process several times. His main concern was to be able to keep up with modern-day technology. He needs to keep up with his targeted customers in order to keep business coming in. When I told him about my idea for social media consulting, he absolutely loved it!

Conclusion:
It surprised me how each person had different priorities when it comes to searching for a solution to this need. Some were focused solely on price, while others cared more about reputation, quality and responsibility. It made me even more aware of the importance of having all of these qualities. One similarity that all three people shared was that they conducted a majority of their research and searched for companies completely online.

Halfway Reflection

1) In this course I have learned that any feedback (good or bad) is always good! Near the beginning of this semester, when people would peer review my work, I would sometimes feel a little bit upset if they weren't completely impressed by my work. I have learned to take this is a good way and now I am thankful for these types of reviews because it makes me better in the long run.

2) A moment when I was frustrated and felt like giving up was when I tried to film my elevator pitch. I had prepared a great pitch with all of the information I needed, but I found myself not being able to present it properly. It took many, many tries and I eventually got a clip that I was willing to turn in. I wouldn't have actually given up, I was just getting frustrated because I knew I could do better. This feeling is an example of being tenacious and I feel like I have definitely developed this feeling in the past 2 months.

3) Three tips I would give any future students would be:
1. Put in the time and WATCH THE LECTURES (or go to the lectures if you are on campus)! Pryor does a great job of explaining his topics with real examples and is overall an amazing professor!
2. Do the assignments for you and not the grade. Don't do the work just to get it over with. Each of these assignments has a purpose and I have learned so much about myself and things around me by taking the extra time to really put in the thought and effort
3. DON'T BE AFRAID TO LAUGH AT YOURSELF. This picture below is from one of the many takes of me trying to film my elevator pitch. At this point, I was getting really frustrated and had spent so much time on it, so actually letting it out at laughing at how ridiculous I sounded helped a lot. Plus it made a great blooper :)

Reading Reflection

Shoe Dog by Phil Knight

1) What surprised me the most was how Phil thought of his own business and its chances for success. He always thought it would end in failure and would even warn investors that it might tragically fail. The thing I admire most about Phil Knight was his dedication towards his business. He was always in a battle with money and with trying to convince banks to give him loans to import more shoes. He said he almost never had a balance in his bank account, but he kept pushing. The one thing I didn't admire was how out of touch it seemed he was with his employees. I understand his concept of "leaving them alone to work towards the goal they are given" but I think it is important to give people some guidance and help along the way. Phil Knight encountered failure several times in many different ways, but he continued working hard. I would say that all of his failures are what shaped him and his company to be stronger.

2) Phil exhibited the knowledge of his industry and his market. The book talks about how he surrounded himself with "Shoe Dogs" (which also happens to be the title). These people were pretty much obsessed with selling, buying and designing shoes. By surrounding himself with these people, it made his company much stronger and made him much more knowledgable about his field of products.

3) What confused me was the timeline of the book and why it was sort of left off in the recent years. There was no talk about the time between the 1980s and present.

4) I would ask Phil Knight about why he isn't a bigger name in the world. He had created such a grand company, but his name is still unrecognized.
I would also ask him what gave him the motivation to keep pushing through tough times and failures.

5) I don't think that Phil thought of what he was doing as hard work. If you go in with the mindset about how hard it will be and how much you have to do, you will get burnt out. I think he just kept working no matter what because he was so set on his goal. I agree with this because if you think of work as work, it makes it so much more difficult.

Figuring Out Buyer Behavior #1

Interview #1
I interviewed a local coffee shop owner who has the need for social media for marketing his business. I have known this person for a long time and we have had several conversations so I know for a fact that he is in need for a social media marketing makeover. This specific business owner stated that he knows that he has this need but he has never gotten around to finding a solution. When I asked how he would start to find a solution to his problem, he said the first thing he would do is ask other business owners if they had any recommendations or ideas for him. Once he receives an idea or recommendation, that is when he would go online and do his own research.

Interview #2
I interviewed a local entrepreneur who has started her own flower truck which goes around town to events or certain locations and sells floral arrangements. She has tried to start marketing herself on social media but ultimately does not know how. She told me that she has researched "how to market your own business on social media" but has never found someone that would help her do it. She told me that if she was aware of a service like I provided, she would definitely be interested.

Interview #3
Finally, I talked to a family friend of mine who owns a restaurant in Melbourne. He has had people and firms run his marketing and social media programs for him, but is currently doing it on his own. I asked how he found his previous marketers and he said he simply Googled "social media marketing Melbourne FL" then looked through these businesses based on reviews/word of mouth and what services they offer.

I was surprised that each interview gave me a slightly different answer. Overall, I believe having a strong presence on Google and other search engines is key. In order to do this, it would also be very important to have positive reviews left on Google and my website.

Idea Napkin No. 1

1) I am a student at the University of Florida majoring in Business Administration with a passion for marketing. I have completed a social media marketing internship and have worked on several freelance projects myself. This business would be a continuation of my experience and knowledge and would love to continue in this field of work.

2) I am offering social media marketing services to small businesses to help their business succeed in whatever way they specifically need. Rather than having set packages, I will evaluate each business's situation and offer them a solution. This will help their business increase revenue while also building brand recognition and brand loyalty.

3) I am offering my services to small, local businesses in Brevard County, FL. They are all a part of the same community and are in similar situations with wanting to grow their business to its fullest potential.

4) Social media is one of the fastest growing way for communication and the transfer of information. Businesses care because this is an excellent way to bring their products and services to completely new customers.

5) I am offering a unique experience that is tailored to each business individually. I am also a part of Generation Z and would consider myself an expert at using social media since I have grown up using it.

I believe these five points all fit together. I think I would have to further look into what all of my customers would have in common. Using these five points gave me an inside look of why my businesses idea needs to be well rounded. If a few of these areas are weak, the entire business plan would fall apart.

Elevator pitch

https://www.youtube.com/watch?v=4kTMR2V0yro

Testing the Hypothesis Part 2

Who: When interviewing 5 people, I found that everyone has a different perspective of social media. I interviewed local business owners and found that some of them are already pros at using social media since they are a part of a younger generation. They agreed with everything that I believe in regarding the importance of social media for promoting businesses. However, they did not need my service because they were able to do it on their own. Social media platforms have made it much easier for tech savvy people to run and manage business accounts.

What: My opportunity is specifically focused on marketing on social media. There are other needs from small business in terms of marketing that I do not offer. For example, web design, SEO, website management, etc. are all needs that are different from mine that the same people may have. I do know a fair amount about several aspects of digital marketing however, I believed it to be best to start smaller.

Why: I believe the need for businesses to have presence on social media is the same for those in and outside of the boundary. The only difference is the extent that those people value this need. Marketing can always improve so even those business owners who manage their own social media would still be able to learn something new to improve.

Inside the boundary:

Who: business owners with no knowledge about social media marketing
What: for someone to teach them how to successfully promote their business
Why: the popularity of social media is growing so businesses miss out on attracting customers if they aren't marketing themselves on there

Outside the boundary:
Who: business owners who manage their own social media or those who don't care about it
What: marketing their business for them in other ways other than social media
Why: using other strategies for marketing a business other than social media

Solving the Problem

Solving the Problem

1) The opportunity that I have recognized is the fact that very few small businesses in Melbourne, FL use social media to their full extent. Most local businesses either do not have the time to dedicate to social media, or simply do not know how. Based on my findings, social media is a great influencer in how people make their purchasing decisions nowadays.

2) My solution would be to start a service that pretty much acts as a social media consultant. A person like me would go in and sit down with a business owner and really figure out how I could help them. I could either offer to teach them how to use social media on their own while getting them up and running, or just fully manage their social media profiles for them and their business. Some businesses out there already have social media accounts but do not manage them correctly or effectively. This is another opportunity to come in and revamp their social media knowledge. This could even expand to helping people with their websites and overall marketing one day.

Testing the Hypothesis Part 1

1) Businesses not having a presence on social media, google maps, etc.
2) This is an opportunity to help local businesses learn how and why they should expand their business digitally.
Who: local businesses in Brevard County, FL without a presence on social media
What: do not know how or do not have the time to put their business on social media
Why: they could grow their business so much more and make more money if someone was there to either teach them or manage it for them.
3) I believe a majority of small businesses without a social media presence want to learn how to effectively manage this or hire someone to do it for them.

4) Interviews
Names are changed

Interview 1:
Carey, mid-thirties stay at home mother living in Suntree, FL
During this interview, we discussed social media and how big of a role it plays in todays world, especially for businesses. Carey told me that social media is how she keeps up-to-date with things going on in our community and influences her purchasing decisions. She brought up an example of a local coffee shop in our town that has no presence on social media whatsoever. Carey stated that seeing a business on social media gives her an inside look into their company and shows more reliability and builds her brand loyalty. She also brought up a good point about following a business on social media allows her to be in the know of certain events, promotions, and other things going on.

Interview 2:
Steve, 49 engineer living in Melbourne, FL
Steve was a tough nut to crack especially given his limited knowledge on social media. He said that the only social media platforms he was involved with are Facebook and LinkedIn. After a while I started to talk to him more specifically about LinkedIn. He said that a big part of his job and days are spent networking with other professionals and other clients on this social platform. I asked how he would stay up to date with certain businesses that weren't on LinkedIn and he simply stated "I don't." We both agreed that nowadays you have to be able to put yourself out on the map especially in the professional world.

Interview 3:
Emily, 18 student at Eastern Florida State College
Emily and I ultimately shared the same views about this topic. We are both the same age and are a part of this generation whose lives revolve around the digital world. We talked about how a majority of our time is spent on our phone or computers and that it would be silly for people to not use social media to promote their business or product. She said that nearly 80% of her purchase decisions have been somewhat influenced by something seen on social media. Whether that be an ad for a business, a post that reminds her of something, or a promotion she sees going on they all have an impact. Emily was talking about how most of the world in on social media and that everyone should use it especially since its's free!

Interview 4:
Linda, retired living in Satellite Beach, FL
Linda spends most of her time traveling (especially road trips) with her husband. She told me that even though she is not very tech savvy that Apple and Google Maps are her saving grace. I asked her how they decide what to do, where to eat, etc. when traveling. She simply stated that she goes on Maps and types in "restaurants near me" then looks through the listings and evaluates reviews, pictures, and more. She told me that convenience is everything for her especially when they are in a place they don't know. Linda and her husband simply do not have the time to do in depth research on local businesses. So the results she gets from looking on maps are usually the choices she goes with.

Interview 5:
Richard, 29 local business owner
Unlike many small businesses, Richard is a pro at social media and uses it to his advantage. I had a nice conversation with him about it and he told me that it was one of the best decisions he has ever made for his business. Presence on social media allows your business to reach several new markets and allows for interactions that keep customers coming back. He has profiles on Instagram, Facebook, LinkedIn, Twitter and Pinterest and he encourages all small businesses to do to the same!

Summary:
All the people I interviewed strengthened my idea towards helping businesses grow their presence on social media. Whether it be on Instagram to share eye-catching pictures or on LinkedIn to grow your status as a business professional, everyone in the workforce could benefit from using social media. Something I didn't know about my opportunity before was how large it could grow. While it started as an idea for just social media, I started to think about the presence of businesses on maps and even having websites and SEO services if they don't already. All of these things are related and could help businesses grow!

Identifying Opportunities in Economic & Regulatory Trends

1. The unemployment rate is on the rise
a) Found on thebalance.com regarding the US Economic Outlook for 2020 and Beyond
b) The unemployment rate is 3.6% and is predicted to be at 3.7% in 2021 and 3.8% in 2022. The information suggests an opportunity because it will be a lasting problem with its growth on the rise. This affects all aspects of society and surely there can be an entrepreneurial opportunity taken from this situation.
c) The most likely consumer of this opportunity would be those who unemployment affects the most. I would say finding a solution to help those paying taxes in the place of those who are not would be the best targeted area.
d) I think this would be a very difficult opportunity because the issue at hand is on such a large scale that one simple solution will not be able to fix it.
I saw this as an opportunity because I know how many people are affected negatively by unemployment. In my mind I associated a big problem with being an opportunity to solve it somehow.

2. Coronavirus strains global economy
a) Found on the Wall Street Journal
b) This is an opportunity because the virus is not only affecting peoples' health, but also the global economy. So many factories and manufacturers are located in China so this outbreak is putting the entire world at a standstill.
c) The main customer we would be focused on is US companies with manufacturers in China.
d) I think this would also be a difficult opportunity to exploit because of the wide variety of people and companies in the US that are suffering from the effects of the coronavirus.
This was an opportunity because I saw how something happening on the other side of the world and saw how it can impact the rest of the world.

3. Federal W-4 Forms Changing
a) Found from paychex.com
b) This is an opportunity because the decision to change the forms is left up to the states and this could become a mess with different states having to chose how to restructure their processes.
c) The customer would be the states making this decision. This is an inconvenience for them so a solution to this problem would be in their favor.
d) This opportunity would be somewhat difficult because I don't know what exactly could be produced or created that would solve this problem.
I saw this as an opportunity because more than anything, it's an inconvenience. Nowadays, most people value convenience so this is a valid idea.

4. Sexual Harassment Prevention in the Workplace
a) Found from information and new regulations based on the "Me Too Movement"
b) This is an opportunity because sexual harassment is a very touchy subject. People may feel very uncomfortable or unable to report this harassment to management so I believe there is a better way to address this situation.
c) The consumer would be the workers who are being trained to handle sexual harassment in the workplace.
d) This would be a pretty easy approach. Since employers are now required to train and implement policies regarding sexual harassment, they could additionally implement a safer way for people to report this harassment.
I saw this as an opportunity because I know that the reason many people don't report sexual harassment is that they don't know how. I strongly believe a better solution is out there to help these people suffering from this.