Test Blog

Is this working?

29A – Venture Concept No. 2

1) Venture Concept

My idea of a digital disc jockey environment includes a website, in person meetings, and digital meetings and sessions. The idea will target a group of customers who are in college and are looking to get into Disc Jockeying, have a passion for music, are attempting to improve their disc jockeying skills, or, who are looking to spread their current knowledge with those, less experienced.

            The most common need seems to be surfacing from those that have been DJing and don’t seem to be satisfied with their current progress. It also includes those who have been looking to get into it but can not afford fancy websites such as DJcoursesonline and other expensive websites. Furthermore, those that have a passion for music and are looking to meet others that share similar passion for it to connect with and talk about music. My idea’s market will, for the most part, be targeting college towns, such as the one I am currently living at, Gainesville and will be supporting universities such as the University of Florida, Florida State University, and University of Central Florida. Geographically, the plan is to start in Florida and to expand in other states as the business expands. My goal is for my website to reach an international scale after some time. My customers are not satisfied at the moment and are meeting their dissatisfaction with procrastination and expensive websites, which I have also used, and which were not helpful enough to help me achieve my goals and follow my passion. Thus, I believe this is a really big opportunity due to the existent need and the “window of opportunity” cannot be predicted in terms of how long it will stay open. I think that the safest measure for me to take would be to start my business as soon as possible as time is critical at times like this.

            I am selling services through a digital website which will be coordinating 3 different aspects of the business. The website aspect, the digital communications aspect, and the “in-person,” aspect. Through my innovation, I will be selling services which include meetings, group disc jockey sessions, opportunities, knowledge, and other services to my customers. The website will work with a low membership fee and is designed in a way that allows for all the customers to play a role in supporting it. Older DJs will get the opportunity to spread their knowledge while younger DJs will get the opportunity to learn from the more experienced. I will be coordinating all the pieces of the “puzzle” that will be my business idea and will be making sure everything is running smoothly. The cost of the membership will be $3 billed monthly. This is way cheaper than DJcoursesonline which currently charges its customers $19 per month.

            I believe my customers will want my product is because it is cheap, it allows for a lot of opportunities and helpful connections, and it provides them with satisfaction to their previously unmet needs. I believe I have competitors but there aren’t many that meet my services in price, familiarity, and customer satisfaction. By familiarity, I refer to the fact that my services would function a lot more as a family than a big corporation, such as DJcoursesonline and I believe this would be very important to my customers as they would get to no one another and actually meet in person and through digital meetings. Location would, for the most part, be digital, but we would also have many designated locations for meetings for the customers to get together. In terms of organizing a staff, my team would be compromised of college students who are as passionate as I am on this project and would include some digital technicians, some researchers, and coordinators. They would also include some very experienced DJs who would enjoy setting up meetings and helping with different aspects of the business.

I believe the most important resources to my venture, will be my personal experience, the investors, and the research team. I believe these 3 key aspects will help boost my idea to new lengths. These 3 resources include finance, experience, and market research, which I believe are 3 keys aspects to boost a business. I believe my “secret sauce,” in terms of my product, will be the experienced DJ group I have a assembled. Not only will they provide my business with a load of years of experience disc jockeying, but they will also provide me with a plethora of connections. My goal is to satisfy my customers on a national, and maybe someday, international scale. I want kids that are less fortunate and do not have the financing to succumb to expensive DJing corporations which will not provide them with the right support they need. In 5 years I would like to be covering all of Florida and in 10 years I want to my business to be intertwined on a national scale.  

2) Feedback summary

I didn’t receive a plethora of feedback for my Venture Concept no. 1 nor my What’s Next assignment. I received some positive comments about What’s Next, however, agreeing with my interviewees on expanding my target group to 20 to 30-year-olds and creating digital meetings especially during times like these. I think I am on the right track with my venture concept and have a solid plan for the future.

3) Venture Concept Changes

 The feedback I received was limited but positive. I think I am on the right track to greatness and developing the perfect entrepreneurship formula. I think allowing for a 3-part aspect to the business is a good idea as it will be of convenience to my customers; (1) the website aspect, (2) the communications aspect, (3) the in-person aspect. I think this concept will really help my customers get accustomed to my website and develop trust and an aspect of familiarity through my in-person meets. I also believe that the cheap component of the business will contribute to attracting a lot more customers as it is competitive and low in price. My venture concept is pretty much the same because I did not find anything that required changing. It is probably going to shift a lot in the future but for right now it serves its purpose.

4) Illustration

30A - Reflection

1) I believe the most fun I had in the class was with the interviews. I got to meet so many new people and share my idea with them. I was able to receive a lot of suggestions (on and off the record) from them as well. I believe these exercises contributed a lot to my entrepreneurial mindset that I have developed to this day. The most dreadful experience I’ve had in the class was making my first elevator pitch. I was very hangover and was trying to articulate words and it just wasn’t happening. Not my proudest moment but I was able, after a few shots of kombucha and pedialite and endless recordings, to make my 90 second elevator pitch. I think my second elevator pitch was a huge improvement and taught me a big lesson.

2) I’d say the most proud experience(s) of the class were being able to read a few books. I normally don’t engage in often reading even though I know I should. This class helped me push through my laziness and pick up a few books. Elon Musk was probably my favorite and really inspired me to be the best version of myself throughout this course. 

3) Yes, even though I still believe I have a very long way to go, in terms of developing an entrepreneurial mindset, I think I have gotten a lot closer to achieving it. I always look around now and look for novel opportunities and customer needs. I think my viewpoint and perspective on a lot of topics has also shifted to accommodate the new mindset. 

4) I think that one recommendation I’d have about this course to students taking it in Fall, would be to put their best efforts in and just do their best even if they think that it might not be for them or even if they are taking it only because it’s a requirement for their major. I started off with a negative mindset but after a few weeks I realized how life-changing this class can be. In just a few months I was able to create an entire business idea from scratch without any previous entrepreneurial experience. I’d say what is also really important to develop this mindset, is to keep an open mind on things. There’s always different ways to tackle something and it’s easy to get stuck in a one sided loop. Look at things from different perspectives and try to put yourself in other  peoples shoes.

24A – Venture Concept No. 1

My idea of a digital disc jockey environment includes a website, in person meetings, and digital meetings and sessions. The idea will target a group of customers who are in college and are looking to get into Disc Jockeying, have a passion for music, are attempting to improve their disc jockeying skills, or, who are looking to spread their current knowledge with those, less experienced.

            The most common need seems to be surfacing from those that have been DJing and don’t seem to be satisfied with their current progress. It also includes those who have been looking to get into it but can not afford fancy websites such as DJcoursesonline and other expensive websites. Furthermore, those that have a passion for music and are looking to meet others that share similar passion for it to connect with and talk about music. My idea’s market will, for the most part, be targeting college towns, such as the one I am currently living at, Gainesville and will be supporting universities such as the University of Florida, Florida State University, and University of Central Florida. Geographically, the plan is to start in Florida and to expand in other states as the business expands. My goal is for my website to reach an international scale after some time. My customers are not satisfied at the moment and are meeting their dissatisfaction with procrastination and expensive websites, which I have also used, and which were not helpful enough to help me achieve my goals and follow my passion. Thus, I believe this is a really big opportunity due to the existent need and the “window of opportunity” cannot be predicted in terms of how long it will stay open. I think that the safest measure for me to take would be to start my business as soon as possible as time is critical at times like this.

            I am selling services through a digital website which will be coordinating 3 different aspects of the business. The website aspect, the digital communications aspect, and the “in-person,” aspect. Through my innovation, I will be selling services which include meetings, group disc jockey sessions, opportunities, knowledge, and other services to my customers. The website will work with a low membership fee and is designed in a way that allows for all the customers to play a role in supporting it. Older DJs will get the opportunity to spread their knowledge while younger DJs will get the opportunity to learn from the more experienced. I will be coordinating all the pieces of the “puzzle” that will be my business idea and will be making sure everything is running smoothly. The cost of the membership will be $3 billed monthly. This is way cheaper than DJcoursesonline which currently charges its customers $19 per month.

            I believe my customers will want my product is because it is cheap, it allows for a lot of opportunities and helpful connections, and it provides them with satisfaction to their previously unmet needs. I believe I have competitors but there aren’t many that meet my services in price, familiarity, and customer satisfaction. By familiarity, I refer to the fact that my services would function a lot more as a family than a big corporation, such as DJcoursesonline and I believe this would be very important to my customers as they would get to no one another and actually meet in person and through digital meetings. Location would, for the most part, be digital, but we would also have many designated locations for meetings for the customers to get together. In terms of organizing a staff, my team would be compromised of college students who are as passionate as I am on this project and would include some digital technicians, some researchers, and coordinators. They would also include some very experienced DJs who would enjoy setting up meetings and helping with different aspects of the business.

I believe the most important resources to my venture, will be my personal experience, the investors, and the research team. I believe these 3 key aspects will help boost my idea to new lengths. These 3 resources include finance, experience, and market research, which I believe are 3 keys aspects to boost a business. I believe my “secret sauce,” in terms of my product, will be the experienced DJ group I have a assembled. Not only will they provide my business with a load of years of experience disc jockeying, but they will also provide me with a plethora of connections. My goal is to satisfy my customers on a national, and maybe someday, international scale. I want kids that are less fortunate and do not have the financing to succumb to expensive DJing corporations which will not provide them with the right support they need. In 5 years I would like to be covering all of Florida and in 10 years I want to my business to be intertwined on a national scale.  

25A – What’s Next?

What's Next?

1        Existing Market

STEP 1: What’s Next?

I believe what’s next for my company, in terms of products and services, is figuring out what the website is going to look like and what services it is going to provide, in detail. For example, I’ve been thinking of adding a new tab on the website which allows for a “communication blog.” All the members will be able to talk to one another this way and communicate about questions, answers, and generally speaking about the one true passion of a disc jockey, music.

STEP 2: Interviews

Peter: I interviewed Peter and he liked my idea. Peter is not a DJ but he really enjoys listening to all the hot, latest tracks of music. He suggested we organize meetings once a week/2 weeks and get all the local members together and have DJ spinning sessions.

Mary: Mary is also not a DJ but she really enjoys all kinds of music and especially electronic. In her interview we talked about my idea and she enjoyed the digital aspect of it all; however, she also suggested that it would be more viable if the services could also provide a few other amenities because she didn’t think that, if she was a DJ, she would pay for my services.

Jack: I interviewed Jack about a week ago about my idea. Jack is a amateur DJ and he said he liked the concept of my idea. He also suggested in person sessions but also thought that having live streams on the website would be an excellent idea. He suggested we have digital DJ sessions with one another and live stream our disc jockeying from our homes/studios.

STEP 3: Setting a path to the future

I really think that the interviews helped me create a very good plan as to what is next and allowed to look at my idea from a different perspective. I really do believe that Peter’s idea will be apart of the company as in-person sessions are a great way to introduce people to one another and spread knowledge. It also adds up to what Mary said about adding amenities to my project. Online sessions could also work especially at times like this.

        New Market

STEP 1: New Market

For my current market I chose to target college students. My new market will include not only university students but also everyone between the ages of 20-30 and has a strong passion for music.

STEP 2: Value for new market

I believe my idea can be valuable to the new market because it will allow for a more diversified amount of people who are looking to meet more DJs and maybe improve in some ways, or spread knowledge.

STEP 3: Interviews

Lambros: Lambros is a DJ from my home country Greece and he really enjoyed my idea to diversify to a new target group. He is from a different country and he thinks that the digital aspect of this opportunity, along with the international people he could meet out of it will be great. He didn’t have any new suggestions.

Niki: I interviewed Niki in Miami through zoom, due to the current situation. She is not a DJ but she thinks my idea has a lot of potential, as to someone who really enjoys music. She was glad when I told I was diversifying to a new target group and thought it was a great idea. She suggested that I divide my website into different regions and having an option to select your region/city/state/country when entering the website.

STEP 4: Reflect

I believe that diversifying to a new market was a really good idea. I received great feedback from my interviewees and believe that it is very viable. I think that it has a lot of potential and it could be a great opportunity for my business. 

23A - Your Venture’s Unfair Advantage

Resources Available

1.     Group of experienced DJs

VRIN ANALYSIS

Value: Very valuable.

Rare: Moderately rare. Finding a group of DJs that have experience and motivation to contribute to your idea is not an easy task these days.

Inimitable: Possibly. Resource could technically be copied but it wouldn't be an easy task due to its rarity.

Non-sustainable: Personal experience can provide similar benefits but that is just one contributing vs. a whole team of experience disc jockeys.

2.     Investor 1

VRIN ANALYSIS

Value: Very valuable.

Rare: Not rare, but extremely beneficial.

Inimitable: No, investors are not inimitable.

Non-sustainable: No, investors would be my solemn financial support in the beginning.

3.     Investor 2 

VRIN Analysis same as above.

4.     Marketing expert

VRIN ANALYSIS

Value: Very valuable

Rare: Not rare.

Inimitable: No.

Non-sustainable: Yes.

5.     Researchers group

VRIN ANALYSIS

Value: Yes.

Rare: Yes

Inimitable: No.

Non-sustainable: Yes.

6.     Personal DJing experience

VRIN ANALYSIS

Value: Yes.

Rare: Yes.

Inimitable: Yes.

Non-sustainable: Yes.

7.     Personal DJing skills

VRIN ANALYSIS

Value: Yes.

Rare: Yes.

Inimitable: Yes.

Non-sustainable: Yes.

8.     Hardware

VRIN ANALYSIS

Value: Yes.

Rare: No.

Inimitable: No.

Non-sustainable: Yes.

9.     Software

VRIN ANALYSIS

Value: Yes.

Rare: No.

Inimitable: No.

Non-sustainable: No.

10. Other equipment

VRIN ANALYSIS

Value: Yes.

Rare: No.

Inimitable: No.

Non-sustainable: Depends.

Feedback

I believe the most important resource, after conducting my VRIN analysis for each one, is my personal experience and skills. Even though I believe that all 10 are going to be very important aspects of my idea, each with its own benefits, I my personal experience/skills have complete value, rarity, inimitability, and non-sustainability. I also think that they will benefit me incredibly step in my customers shoes and look at things from a different perspective.

Reading Reflection 2

 1) What was the general theme or argument of the book?
I decided to read the book Mindset: The New Psychology of Success by Carol Dweck. The general theme of this book implies that your mindset is formed by your responses to people and events you encounter on a day to day basis. The book focuses on two premises; a fixed and growth mindset. A growth mindset is one that is more open to solving things in novel, creative ways. A fixed mindset is one that is less likely to think of alternatives to solve problems.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
This book and its concepts has allowed me to change my mindset and perspective in life,
especially in this course. I used to have a fixed mindset, specifically when working on certain assignments, because I would only use one solution to solve my problems which would prevent me from thinking outside the box. Once I realized that these problems could be solved by a different and more effective method, I opened my mindset (Growth) and though of various unique ways to solve these issues. Once I did that, not only did my learning develop, but I became more efficient, especially in problem solving. This has enhanced my learning immensely in ENT because if you create a business with a fixed mindset, you will not see yourself nor the business flourish in any way shape or form. However, if you tackle the issue through a growth mindset, and you put yourself out there in order to make connections and deals, you’ll find your business moving forward. This will help position your business, its brand, and will prosper for growth, profit, and a variety of success in the future.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
I would design an exercise in which you identify an object in your business that you believe contains functional fixedness. Functional fixedness assigns stable uses to an object and fail to think about the features of the object that might be useful in helping solve a problem. To overcome functional fixedness, one must adapt a growth mindset in order to see the alternatives to a basic issue. For instance, lets say you’re helping your dad tighten a loose screw on a desk, however, you cant seem to find a screwdriver leaving you stumped as to how you will solve this problem. You reach into your pocket and you just so happen to find a coin. When you look at a coin, you typically assume its only function is currency, this is succumbing to functional fixedness. However, if you apply your growth mindset and think outside the box, you will find yourself using the coin as a substitute for the screwdriver, to tighten the screw. Thus, you’re going beyond the idea of its common function and overcoming functional fixedness.
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 when reading this book was how common it is to obtain a
fixed mindset. Many innovators on a day to day basis find themselves overlooking elegant solutions hidden in plain sight. This is because we do not like to think outside the box since its not a norm for us. Although its unusual, once you learn how to adapt a growth mindset and learn how to overlook these ideas, it becomes a part of our daily lives and it is actually extremely beneficial especially regarding success. Once you have identified these tools to overcome these cognitive traps, you and your business will find yourself solving problems in innovative ways—“whether conceiving new products, finding novel applications for existing products, or anticipating competitive threats.” What I learned that differed from most of my expectations is the relativeness of insight problems. Insight problems present themselves in our daily lives. While the problem initially seems impossible to solve, an alternative approach will suddenly bursts into your consciousness once you view the problem in a novel way. You need to start approaching your daily expectations and problems in innovative ways or else you will constantly find yourself stuck within a fixed mindset, preventing you from flourishing, learning, and building on that experience.