23A- Your Venture's Unfair Advantage

1. Human Capital: My dad is an entrepreneur 

• Valuable: This is a very valuable resource because my dad would provide necessary advice and support needed for the company.
• Rare: This is very rare because my dad has his own unique experience from being an entrepreneur.
• Inimitable: It's hard to copy a personal relationship.
• Non-substitutable: Its hard to substitute a personal relationship that is unique to their experience. 

2. Social Capital: Friends who are psychiatrists 

• Valuable: We can use their advice from their experience to help us develop a successful company.
• Rare: There are lots of psychiatrists.
• Inimitable: its not hard to copy this social capital
• Non-Substitutable: we might not be able to find a substitute that is this beneficial. 

3. Financial Capital: Savings 

• Valuable: money is necessary to start a business
• Rare: not that rare to have savings 
• Inimitable: not hard to copy financial capital
• Non-Substitutable: There are other ways to obtain capital to start a business

4. Business classes:

• Valuable: classes in business will be beneficial to start a company.
• Rare: it's not rare to take a business class.
• Inimitable: not hard to copy
• Non-substitutable: there are other degrees/classes that could also give business experience

5. Organized:

• Valuable: Organizational skills are important to start a business. 
• Rare: many people are organized
• Inimitable: not hard to copy
• non-substitutable: its hard to substitute organizational skills

6. Passion:

• Valuable: unlike other businesses, truly caring about what I do is going to be very beneficial.
• Rare: many people are passionate
• Inimitable: not that hard to copy
• Non-substitutable: hard to substitute individual passion.

7. Leadership: 

• Valuable: Since I have been in leadership positions many times, that would be beneficial when managing a business.
• Rare: not rare
• Inimitable: its hard to copy individual leadership style, but many can be a leader
• non-substitutable: leadership is very important when running your own business, i don't think you can substitute it.

8. Social Capital: connections 

• Valuable: having connections can be very beneficial when starting a business
• Rare: connections aren't that rare
• inimitable: you can find connections in your community
• Non-substitutable: its hard to substitute connections.

9. Personal experience with the issue:

• Valuable: I have a direct experience with people with mental illnesses so that could be beneficial when starting my specific business.
• rare: many people could have experienced this
• inimitable: cant copy individual experiences
• non-substitutable: its hard to substitute personal experience

10. skill in empathy: 

• Valuable: When managing others it is important to be empathetic to their feelings.
• rare: many people can possess empathy
• inimitable: many people can have this skill
• non-substitutable: it's hard to substitute this skill.

-My top resource would be that my dad is an entrepreneur. He has been managing his own business for over 20 years so he has a ton of experience in entrepreneurship which he can teach me. He also has told me before that if i want to start my own business, he would help me get it off the ground. 

22A - elevator pitch 3

1) The pitch. 

 https://youtu.be/JcXIjfqSVK8

2) A reflection on the feedback you received from your last pitch. 

The feedback that I received from multiple people was to keep the same energy I had while delivering the feedback, but try to memorize it more. Some of the feedback said that it looked like I was reading too much during the pitch, but that the content of the pitch was great.

3) What did you change, based on the feedback?

Based on the feedback, I kept the same pitch because I received only positive feedback on it. However, I tried to memorize it more and have it look like I was not reading from a script as much since that was the critique I received. 

21A - Reading Reflection No. 2

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

I read the book How to Fail at Almost Everything and Still Win Big by Scott Adams. The general theme of the book was to welcome failure and embrace it.

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

Accepting failure plays a huge role into ENT3003 because as Entrepreneurs, we are bound to fail and make mistakes. Learning from those mistakes and accepting failure is very important to be successful in the business world. 

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

If I had to design an exercise for this class, I would give different failure scenarios, and we would have to identify the lessons and where we can learn to improve based on the mistakes. Doing so reinforces the message of the book, and connects back to what we learn in class about being an Entrepreneur. 

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?

One of the biggest "aha" moments i had when reading the book was when Adams made the point about how being selfish can be a good thing. Selfishness can involve spending time exercising and taking care of ourselves, spending time with our friends and doing things for ourselves. Adams explains that we need to be in a positive place with ourselves before we can help and focus on the needs of other people. I found this surprising because I had never thought about selfishness like that before. Being selfish always has a negative connotation so I liked how Adams brought up that crucial point about it.

20A - Growing Your Social Capital

1) One person must be a domain expert in your industry. 
The person I contacted for the expert in my industry was the CEO of United Way of Broward County, which is a nonprofit organization. She is filling the domain expert contact slot because she has been running a nonprofit for years and she knows the ins and outs of the organization. I know the person because I had an internship at United Way this past summer and she knows my grandparents and parents. I helped her with a lot of work over summer so I do not think she would require anything in exchange for helping me. She is a very well connected person in the community so having her in my network could open up many opportunities.

2) One person must be an expert on your market. 

The person I contacted from this area of the market is my parents friend Jen who owns her own psychiatry practice in New York. She would fill the market area of expertise because she understands how to target customers in this area. My parents have been friends with Jen for years and I have met her many times so I got her contact from them. If she did me a favor I would make sure that I did something for her in return since she went out of her way for me. Since Jen has a lot of expertise in this area, having her in my network could be a very big opportunity in the future. 

3) One person must be an important supplier to your industry. 

Since my service involves psychiatry, our supplier may be someone who supplies medicine to psychiatrists to give to clients. My contact that would be a good supplier to this industry is my dads friend from college that works in pharmaceuticals and has been for over 20 years. I contacted this person through my dad. We have been family friends with his family since before I was born so I do not think I would need to do anything in exchange for a favor. He is very well connected in this industry so having him as a contact could be very beneficial.

For all of the people I contacted for my network, I asked if I could show them my idea napkin to establish potential goodwill.

This experience shapes how I will participate in future networking events because I now realize how important networking is to create a successful business. It's hard to start completely from scratch without having connections that can help you be successful. This experience differed from my networking experiences in the past because I have never taken them very seriously. More recently I am realizing how significant networking is not just for opening a business, but for many other jobs and avenues as well. 

19A - Idea Napkin No. 2

1) You. My name is Ava Daly, I am a 2nd year business Management major with a minor in Entrepreneurship. One of my passions is helping others. I have experience planning fundraising events, leading people, and organizing and running meetings. When I was in high school I planned an event to raise money for Marjory Stoneman Douglas and we raised 10,000 dollars. I want to have a profession that is rewarding and centered around helping others, so that's why my business idea is focused around helping students with mental health issues. 

2) What are you offering to customers?  My service serves the unmet need of resources for college students. Adjusting to college life can be difficult for many students and I personally believe there is a lack of resources and support for students who are on their own for the first time. Therefore, my company/nonprofit organization would focus on providing the support necessary for students. More specifically, the organization would have a range of services from one on one appointments with psychologists, group therapy, stress/time management classes. The setback I faced based on my interviews was if we would have sufficient funds to make this organization successful since salaries for psychologists could be expensive. 

3) Who are you offering it to? The customers would all be students usually from ages 17-23. I do not want the focus to just be toward students with mental health issues, but for any struggling student that is going through a difficult time. Therefore, the customer base would all be students. Since everyone going to college has never been on their own before and away from family, I believe they all have similar struggles in college that can be addressed in a positive way.

4) Why do they care? Customers would pay money for my service because mental health is very important to people. Many people I know are struggling with internal issues and they do not know who to turn to for help. College is supposed to be a positive experience so with mental health issue rates increasing I believe students would want this service.  

5) What are your core competencies? There are not many resources for students in Gainesville so we would not have much competition. The one resource we have is Gatorwell, which is very hard to make an appointment with and they would not have as many services as my company would have to offer. What makes us stand out is that we would have many different services for students that no other company would offer. 

I believe that my idea is a practical one that could help a lot of people. However, it might be difficult to make enough profit to keep up with the expenses of the company. Since psychiatrists often receive a high salary, in order to have many psychiatrists on staff could be very expensive to maintain. Moreover, college students on a budget may not want to pay for an extra service when they can receive free help from GatorWell. Therefore, the logistics of the company may be difficult to predict, however if we market the company well enough we may be able to get a high enough customer base to keep the company profitable. Also, since there would not be that much competition in this area, the elements could fit together well and be a success. 

Feedback memo:

The two main points that I took from my feedback was that a potential setback would be getting over the financial issues from the students side. Many students are on a budget and may not want to pay for the higher quality service and just go to GatorWell. Another point that was made was that a service like this is needed in our area because of the lack of resources we have for this type of issue. I implemented my feedback into the evaluation of my service in the logistics of the service fitting together. 

18A - create a customer avatar

The avatar/prototypical customer for my service would be college students. Therefore, my avatar displays a young looking female student, however the prototypical customer would include male students as well.

My customer would be a college student that most likely hangs out with friends in their free time, and focuses on school for a lot of their time as well like most college students. Their hobbies will most likely include spending time with friends, watching movies, and going out. Usually college students do not drive nice cars, or bring cars up to school at all, so they would either have a cheap car, or a scooter. Moreover, my customers would be from ages 17-22 and not have any kids. Most college students are stressed with school and balancing all their extracurriculars, school, and friends. So, my customers would all have similar problems and interests.

I have a lot in common with the customer avatar because I am a college student who struggles with everyday college issues as well. I do not think our similarities are a coincidence because I most likely chose this service as my idea because my friends and I can relate to it. Since I also went through struggles adjusting to college, and I witnessed my friends go through similar issues, I believe that it is only natural that creating a service to help college students adjust to college and manage mental health issues would appeal to me. Therefore, I can relate a lot to my prototypical customer which is why I am so passionate about my idea.

17A - Elevator pitch No. 2

1) The pitch. 

https://youtu.be/-wgz5wRnbjg 

2) A reflection on the feedback you received from your last pitch. 

Most of my feedback was positive which was a very pleasant surprise. Many of the comments I received liked the energy I brought to my elevator pitch so I tried to include that again in this elevator pitch as well. Moreover, I kept the same intro in this elevator pitch because I received positive feedback on my hook. The most useful feedback I received was to include more personal information about myself in the pitch. Before, I never thought to include information about myself in it, but now i can see how telling the audience more about yourself can influence them more to buy your service or product. 

3) What did you change, based on the feedback?

One of the critiques I received was to include more about myself in my elevator pitch. Therefore, I tried to also mention how I am a student myself which is why my idea means so much to me.