Philip's Entrepreneurship Blog

Reflection      I believe the most formative experience I have had this semester has to do with the initial development of my elevator pitch and subsequent reiterations of that concept. When I first was developing my pitch, I was very nervous to record myself and post it for other students to see, so I went the easy route of writing a script to read run through a few times and read off of for my pitch. Obviously, the record was extremely wooden and I felt tense the entire time making it. While students seemed to like how I included a lot of necessary information in my pitch, I knew I could make it more professional with a bit more preparation, so for my second pitch I decided to develop a bulleted list of what I wanted to cover and then make up what I wanted to say for each rendition. At first I was very discouraged by this method, because I ended up having a lot of takes where I couldn't get all the way to end or didn't speak as clearly as I desired. In the end though,...

Opportunity: Who has the need? The need I have identified is for individuals in the early and middle stages of their career and earning ability, who have enough disposable income that they would like to structure their finances in a way to achieve lasting wealth for their retirement and future generations. Other than being in the middle stages of their earning potential, my consumer base can be people of any career path: lawyers, architects, engineers, professors, etc. This job would have to have relatively steady earning potential though, so that the long term financial plan that is orchestrated is actually actually achievable with regular payments to investment accounts and existing debts. What is the nature of the need? The need I am pursuing is born out of people's innate desire to plan for the future and gain peace concerning their finances, as well as the sense that their spending habits do not currently reflect a sustainable model to achieve their goals. Considering the c...

Reading Reflection: "The Art of Social Media: Power Tips for Power Users" by Guy Kawasaki General Theme: This book generally deals with the concept of social media and its connection t your professional life. Kawasaki highlights the fact that social media becomes a second resume for potential employers, as the information we put out on these sites is easily accessible to those reviewing us for positions. Thus, establishing a professional appearance on social media sites becomes important to workers wanting to promote their own abilities, as well as to increase the appeal of a certain brand that one promotes or owns. Doing things like putting your full name in your profile, using professional pictures that show your whole face and smile, and only posting information that is relevant to your desired followers become essential first steps to establishing a credible online presence. Connection to ENT3003:  We learn in this class that search engine optimization when...

My Exit Strategy 1. I think for this business venture, I will probably end up selling my business after a few years of profitable gains. I think my venture in particular takes advantage of adding new technology to existing knowledge about personal wealth management, and since technology is constantly improving, my product will eventually be outpaced by new products that are more innovative than mine. Therefore, I think it would be prudent to create my product and see if people would be willing to purchase it, and after a few years of growth sell the business and revenue stream to a bigger company with resources to spend on technology innovations, while retaining some form of royalty check in the process. 2. I have selected this exit strategy bases on what I think is a realistic model for how technology influences the creating of new products. I believe that now the value I can add by restructuring existing finance knowledge in an web format is highly useful, but who can say if a pr...

My Failure this Semester: 1. One area where I failed repeatedly this semester was in my extreme weather class, where we had to write explanation posts concerning a topic that was discussed in the weekly lectures. The way that the professor described the assignments made me think that these would be easy points to achieve if I just covered the concept in basic terms, but after receiving my first lackluster grade, I realized I needed to step up my game with these posts. For my second explanation post, I made sure that I understood the topic to the best of my ability, rereading lecture slides and looking up information about the topic from outside sources like Khan Academy and Minute Earth. I tried my hardest to craft a valid response to the prompt, but even after all of my hard work I still received a similar grade to my first post. I definitely felt disheartened by this grade, and I thought that it simply was impossible to receive the grade I desired from for these assignments, and th...

Existing Market 1. I think what's next for my venture is more in-depth market research on existing financial planning products to understand what sells well in the industry and what doesn't, but also how to give a more  valuable product than the existing ones that actually improves consumers' financial positions. 2. I think existing customers in this market would say that the most important thing about creating a product to teach financial planning would be to ensure the information is delivered in a digestible format that is easy to understand. I think concerning my idea that customers would want a web-based version of current planning resources that traditionally exist in a written form would be met with positive feedback, as this would allow consumers to develop an understanding of the subject while enjoying a delivery format that many are used to through systems like YouTube and other media sites. 3. Given the proposed feedback, I think that the next steps for my bu...

Opportunity: Who has the need? The need I have identified is for individuals in the early and middle stages of their career and earning ability, who have enough disposable income that they would like to structure their finances in a way to achieve lasting wealth for their retirement and future generations. Other than being in the middle stages of their earning potential, my consumer base can be people of any career path: lawyers, architects, engineers, professors, etc. What is the nature of the need? The need I am pursuing is born out of people's innate desire to plan for the future and gain peace concerning their finances, as well as the sense that their spending habits do not currently reflect a sustainable model to achieve their goals. What are changing forces creating this opportunity? This opportunity has existed for a while and has received input from numerous financial experts, but I believe there is a specific opportunity for fully innovating the existing knowledge base...

Resources: 1. I have an understanding of basic financial planning through personal investigation of the subject.      V: Yes this skill is valuable, this skill is essential to developing my main product.      R: No this skill is not rare, this skill can be achieved by anyone with time to consume appropriate teaching materials.      I: No this skill is not inimitable, anyone with time to pursue the skill can do so.      N: Yes this skill is non-substitutable, this specific skill set is essential and cannot be replaced with another similar skill set. 2. I have connections with a wealth management firm and its founder.       V: Yes, I can use this connection to model my product after existing financial planning systems.      R: Yes, few people have the direct connection I have to an industry expert.      I: No, if someone out in the work to find quality connections they ...

Link to Pitch:   https://www.youtube.com/watch?v=D171VbCaBq8&t=17s Reflection:  My pitch remained somewhat similar to the format of my last pitch, but I changed a few things as well as the overall pacing in response to the feedback I got on pitch number 2. One person suggested I include a statistic in my introduction to further cement the idea that the issue I discuss affects most Americans, which I agree made the pitch more enticing. I also refrained from giving my name in the initial grabber based on another person's input, which I think also aided the overall flow of the pitch. Lastly, I tried slowing down my pitch to add more emphasis on what I was conveying rather than move quickly to get all the information in, which I hope means people can understand what my idea is better rather than be bombarded with less useful information. Thank you all for the feedback!

Reading Reflection: "Cognitive Surplus: Creativity and Generosity in a Connected Age" by Clay Shirky General Theme:  Clay Shirky suggests in "Cognitive Surplus" that the innovations of the modern industrial age, specifically higher wages from increased global production and educational resources, has given most people the ability to maintain a level of free time in their lives that was not possible previously. Shirky asserts that while this time can be used for less productive efforts, like the consumption of gin or other entertainment outlets, the knowledge that an educated population attains while preparing for a shifting labor market can be used in one's free time for creative means that benefit the creator or society in general. Shirky asserts that the tools information age give the best platform to accomplish this, since now more than ever people are able to connect with one another, learning the skills that others have and the needs of the general...

Industry Expert: Financial Management Firm Owner (57M) My first expert contact I received from my family connection to a wealth management firm in Miami, and I was able to receive contact with the owner of the firm, Mr. Jack. Mr. Jack began his career as a orchestra specialist, helping to manage the logistics of funding a moving an orchestra through different venues across the country, but eventually pivoted later in life to finance work, using his logistical understanding to build a well-running financial firm that caters to the wealth needs of high income individuals. With over 30 years of experience, Mr. Jack is a clear domain expert in the industry, and knows how to adequately plan to solve his client's financial needs and retain their business. I was able to have lunch with Mr. Jack earlier in the year when I was in Miami, and I was able to use that social goodwill that we built to contact him via email to briefly ask about the viability of my product. I think having Mr. Jack...

Me I am a Finance major at the University of Florida, and have developed a lifelong love of learning new things, especially when it comes to finance and wealth management. I've had a number of entrepreneurial experiences in my youth, having opened a couple of small business and employed friends to help with my endeavors, as well as being exposed to the social good that entrepreneurial work can do through positive mentors like our family friend Mr. Keller. I also benefit from being very committed to work that produces a lasting impact on people's lives, be it economic relief work for less fortunate countries or production of resources that allow people to better their own financial positions. Given my aspiration to do meaningful work that helps people, I think my product and my business can help me achieve that goal. What am I offering to customers? I am offering clients an online course system to self-educate on important topics of finance management, focusing on the basics...

Link to Pitch:   https://www.youtube.com/watch?v=KIyqe7DXOOs Reflection:  I did not receive any comment feedback on my last elevator pitch, but I did try and utilize more of Professor Pryor's strategies in my second pitch to be less mechanical and more engaging. I added more of a grabber in the first part of the pitch by asking the listener about their own financial struggles, and then stated that most Americans face this issue, showing the listener that they are not alone and that there is a solution. I also added an "ask" at the end of the pitch to meet the listener at a different time for 30 minutes to go more in-depth into the product.

      Description:  My customer is 31 years old and works as a civil engineer. His salary is slightly above the national average, and his lifestyle reflects this with the minor standard of living improvements he can afford. He drives a metallic grey 2020 Toyota Corolla hybrid to save on gas money, and he has an expensive coffee maker so he can enjoy more complicated drinks without buying from a store every day. He enjoys attending music festivals and sporting events, as well as going to trendy local bars where he can drink beer that is better quality than the stuff he had in college. He enjoys fantasy literature, like Lord of The Rings and the Inheritance Cycle, as well as popular fantasy shows like Game of Thrones and The Witcher. He is single and focused on his career right now, and does not have any children or pets. Comparison:  I have a couple of things in common with my customer avatar, primarily in our shared enjoyment of fantasy novels a...

Overview:  While I previously defined my segment to be younger to middle-aged individuals ranging from those just graduating college to those about a decade out from retirement, I think I need to narrow my focus to not include those directly out of college, but rather the younger individuals who are somewhat set in their job and career path and can focus on long-term spending habits. My interviewees from the previous exercise were often very new in their field or still preparing for additional schooling, and were not too focused on spending and multi-year financial goals as a result. Thus, my interviewees for this assignment will be vetted to assure that they are past this stage of financial uncertainty and have a somewhat steady form of pay, as these people will likely benefit the most from the product I will offer. Interview #1: Veterinary Worker (36M) The first interviewee clearly conveyed a desire to become more financially literate, specifically wanting to find a short...

My Thoughts: I think my human capital consists of a few facets of my character that has helped me so far in school and life in general. I think my grades reflect my ability to work hard to achieve my goals, as well as my ability to prioritize assignments to achieve the highest point total for all my classes with the least amount of unnecessary stress. Also, I think my time management skills are relatively good, as I almost never turn in a project late and I recognize needing to start work on an assignment early if I think it will take a while to complete. Pertinent to my product, I think I have a fairly decent grasp on what people should do to invest their financial resources, but also as a child growing up during the recession I have seen firsthand what ill-preparedness can do to a family, and how difficult it can make life for them. Interviews: 1)  https://www.youtube.com/watch?v=FRTzB6rmAaA&feature=youtu.be This first interview was with my roommate, one of my best frie...

Tenaciousness is a competency:  I think the ability to keep going in the face of hardship is one of the most important skills to have, not just in entrepreneurship, but in life as well. So often do I think about the work I have to do for a class or an upcoming test and it makes me just want to shut down, but I know I'm working for something really valuable to me so I force myself to keep going even when I'd rather go to sleep or just relax. For this class specifically I make it my mission to get all of the preliminary work for an assignment squared away before Thursday comes, such as required interviews or basic notes on my product. I then have Thursday to write up a rough copy and revise, which I either do that same night or on the Friday morning before turn in. In this way, I am never pressed for time to finish an assignment, as its never in those final hours before the due date that I'm doing the work, only the finishing touches. Tenaciousness is also about att...

Reading Reflection: "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future" by Ashlee Vance 1) About the Entrepreneur What Surprised Me:  Despite being described as very timid in his demeanor, Musk often asks very direct questions that are inconsiderate of decorum. For example, Vance says that Musk once asked her if she thought he was insane based on their interaction, not in a joking manner but to see if that was the frame of mind she was considering him in or not. I guess with the very logical, problem-solving mind that Musk has, these sorts of probing questions are a reflection of his character and outlook on life, though some may see them as rude. What I Most Admired:  I really admired how incredibly visionary Musk is, with all of his ventures being in some way linked to his goal of interplanetary colonization. Vance says at his headquarters there are two pictures of Mars, which show before and after colonization pictures of the red planet, and th...

Segment:  I am going to focus on younger individuals who have just entered the work force, primarily out of college and only supporting themselves, as they will likely have a portion of their income that is disposable. This group, while maybe not the most money conscious segment I can look at, will likely be the most receptive to a web format for personal finance management, as well as have the disposable income to consider making a one-time purchase to better align their spending, saving, and investing. Interviewee #1: Graduate Student working as a TA (26F) My first interview was with a graduate student studying history, focusing on the contributions and depictions of women in European history. She says she becomes aware of her need to better manage her finances when she considers how much her stipend is and how much rent will cost month by month, realizing she really will have to stretch the limited remainder to cover the rest of her needs, like food, insurance, and other misc...

Me My name is John Philip West, and I am a freshman at the University of Florida transitioning from studying microbiology and cell science to finance. I have always loved learning about finance and wealth management, as I consider those skills the most influential in determining the path of your life. I've taken numerous financial literacy courses and have read a multitude of books on the subject, and recently I've opened a long-term investment portfolio funded by lifelong savings and scholarship excess. I've always had a desire to be a entrepreneur, mainly because the idea that my success is self-driven is very appealing to me. When I was younger, I started a small lawn care business and hired friends from my neighborhood to work for me. I was able to make a small profit donated it to a charity for underprivileged children in Kerala, India. I aspire to have a job where I use my talents to solve people's problems and improve their lives, likely in the field of finance ...