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.